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US fertilizer producer CF Industries Holdings shuts down in Britain due to gas prices

Source : 112 Ukraine

The company does not yet know when production will resume at the facilities in Billingham and Ince
15:00, 17 September 2021

US fertilizer producer CF Industries Holdings shuts down in Britain over gas prices
Open source

The North American manufacturer and distributor of agricultural fertilizers and chemicals CF Industries Holdings, Inc., one of the world's leading companies, has announced the cessation of operations at its production facilities based in the UK. This was stated on the company's website.

The reason for this decision is high natural gas prices. The company does not yet know when production will resume at facilities in the British cities of Billingham and Insi.

"CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced that it is halting operations at both its Billingham and Ince, UK, manufacturing complexes due to high natural gas prices. The Company does not have an estimate for when production will resume at the facilities," the message says.

CF Industries has the world's largest network of ammonia, hydrogen and nitrogen products for energy and fertilizer production. The company's nine production facilities are located in the United States, Canada and the United Kingdom.

"At CF Industries, our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world’s largest – to enable green and blue hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our nine manufacturing complexes in the United States, Canada, and the United Kingdom, an unparalleled storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach underpin our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy. CF Industries routinely posts investor announcements and additional information on the company’s website at www.cfindustries.com and encourages those interested in the company to check there frequently."

Related: Gas in Europe already costs about a thousand dollars. Will the crisis affect Ukrainians' payments?

From July 31, volumes of injection of the Russian gas in underground storages of Europe which were used by concern Gazprom decreased.

In particular, the decrease in the level of injection of natural gas affected storage facilities in Austria (Hyde), Germany (Reden), the Netherlands (Bergermeer).

At the same time, the transportation of gas to Europe via the Yamal-Europe gas pipeline, which passes through Belarus and Poland to Germany, has also decreased.

In the first week of August, the price of gas in European markets reached a new high - 520 dollars per 1,000 cubic meters.

On September 15, the price of gas in Europe broke another record, reaching $950 per thousand cubic meters for the first time in history. On Wednesday, the price jumped up by 17.27% at once.

Related: Europe fears a gas crunch begin: What does it mean for Ukraine?

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